A shocking incident in January 2024 shook the US financial market, when a fake announcement was made from the X account of US Securities and Trade Fee (SEC). This post claimed that SEC has approved Bitcoin Spot ETF. Later it was discovered that this post was not real, but was the result of a sim switch cyber attack. Now Eric Council JR. involved in this attack Has been sentenced to 14 months jail.
What is sim switch and how the attack took place?
Sim switch is a type of cyber fraud, in which criminals cheat a person’s mobile network provider and take his SIM card in his control. As soon as this happens, they can access that person’s OTPS, calls and other sensitive information. Eric Council jr. And his team used the same technology using the X account of SEC and put a fake post there. Which created a stir in the entire crypto market.
Similarly, recently another similar incident has emerged in the Crypto World, in which another cyber attack was Zksync. In which the hacker gave the layer 2 projects of Etreum Xksync’s x account hack Tried to attack a fishing attack through tax malisius Airdrop link. Due to this, the price of ZK Token fell 5%.
It is clear from these incidents that cyber criminals like SIM Switch and social media hacking are challenging cyber criminal government organization and crupto sector credibility. Digital vigilance has become more important than ever before such attacks.
Fake post and its effect
The fake post claimed that SEC has approved Bitcoin Spot ETF. This created a stir in the Crypto market and in a short time the Bitcoin Value was seen. However, SEC soon described this post as fake and cleaned the matter. This incident made it clear how the market can be informed by misusing social media accounts.
Hearing and punishment in court
The hearing was held in a Federal Court of Washington DC on 16 would Possibly 2025. Segment of Justice (Doj) said that Eric Council JR. Has confessed to the crimes of Conspiracy, Identity Theft and Fraud. The government had demanded a sentence of 2 years to him, while his lawyers appealed for 1 year and 1 day sentence. The judge eventually sentenced him to 14 months in jail, as well as a 36 -month superwaized release. Eric also earned an illegal earning of $ 50,000, which could be confiscated.
Growing cases in Crypto World
Eric Council jr. Is not alone who is stuck in Crypto Crime in recent times. CEO Alex Mashinsky, Former of Celsius Community, has been sentenced to 12 years on charges of fraud and fund misuse of investors. At the same time, the trial of Safemoon’s Former CEO John Caroni is still going on in the court of Pristine York, where he too has been accused of misleading investors and financial eragite.
It is clear from these cases that governments are now taking a tough stand against fraud in the cryptocurrency industry. If you want to know that What is cryptocurrency So click on the given link.
Conclusion
This case reveals that no matter how modern technology is, if it is misused, it can shake the entire system. Hacating the account of large government organization like SEC was not a small matter and Eric will now have to go to jail for this crime. This move of the government and the judiciary warns for the rest of the cyber criminals that it is not easy to avoid law. It is also a lesson for ordinary citizens not to take their digital security lightly.
Also read:Bitcoin Value Prediction, is BTC going to get great success
